Wealth in Families [Paperback]

Charles W. Collier (Author)

Product Details

• Paperback: 110 pages
• Publisher: Harvard; 2nd edition (June 30, 2006)
• Language: English
• ISBN-10: 0978634500
• ISBN-13: 978-0978634506
• Product Dimensions: 9 x 5.8 x 0.5 inches
• Shipping Weight: 8.8 ounces (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars  See all reviews (6 customer reviews)
• Amazon Best Sellers Rank: #161,400 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

20 of 22 people found the following review helpful:

5.0 out of 5 stars Read this if you have children!, May 3, 2007

By 

Faramarz Rabii (USA) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Wealth in Families (Paperback)

I had been wanting to read this book for a while. So I was very happy to see it back in print. This book focuses on intergenerational wealth management. A good deal of the focus is on people who have large amounts of wealth, something that would exclude me. But many of the lessons apply to regular people with modest savings. One of the best things it does is to debunk the myth that people should not discuss money with their family. It makes it clear how absolutely essential it is to teach the next generation about wealth, and its meaning. It also helps people understand that the real meaning of wealth goes beyond money and is really one's family and its values. I think anyone with children will benefit from reading this book.

11 of 13 people found the following review helpful:

2.0 out of 5 stars Start elsewhere, August 30, 2009

By 

cfc (Alexandria, VA) - See all my reviews

Amazon Verified Purchase

This review is from: Wealth in Families (Paperback)

The author's primary focus is on philanthropy, which is not surprising given his job as senior philanthropic advisor to Harvard University which has the largest endowment of any university. Much of the book is concerned with how to manage trust funds within families, in particular, intergenerational transfer of leadership and training the next generation. So, unless you have a few million in a trust fund, there are other books much better at teaching your children about financial matters.

If you want some benchmarks, the lowest net worth he deals with at one point is $15-30 million where he advocates giving your children $1-2 million (although also suggesting that some families lean towards $3-5 million) If you have greater net worth, he advocates a higher number ($10-15 million per child if your net worth is over $100 million) - but there is no real justification for any of the numbers - nor any suggestions for people with lower net worth.

However, even if you do have significant wealth to pass on to your heirs (and society), this book is probably not the right starting point. Mr. Collier does not have much of his own thought to share as much of the book consists of long quotes from others and interviews with a variety of other authors and experts. It all comes off a bit disjointed, with many ideas not fully developed.

An example: midway through the second chapter, Mr. Collier redefines wealth into four different categories: human, intellectual, social, and financial (the latter is what people typically think of when the word "wealth" is used. Expanding on these could be a major theme of the book but instead, after this brief mention, Mr. Collier drops the topic until chapter 5 (where he erroneously references chapter 1 as the place where he introduced the topic). In chapter 5 his expanded definitions he seems to conflate the definitions of human capital and intellectual capital.

While throughout the remainder of the book he touches on the themes raised by these four different "wealths," there is no organizing principle behind the structure. The reader must provide the links so that when the author is discussing family meetings, you know he's referring to "intellectual capital." Why, you ask? Because the definition of intellectual capital includes communication and conflict resolution - not an obvious connection with that term.

For all families, his suggestions about the importance of telling and re-telling "family stories" resonated with me. This is an important way to pass on shared values to the next generation, It helps define what is important to your family. I will be looking for more stories to share with my family at our next reunion.

4 of 4 people found the following review helpful:

4.0 out of 5 stars The Power of Questions, February 3, 2010

By 

F. Tyler B. Brown (New York) - See all my reviews
(REAL NAME)   

This review is from: Wealth in Families (Paperback)

In Wealth in Families, Charlie Collier- head of planned giving at Harvard University- raises poignant questions facing families of wealth. The applications of Collier's approach, however, span well beyond wealthy families.

Collier's Socratic, humanistic, and therapeutic approach to consulting, could help any family unit- whether of significant means or not- by helping them to structure a discussion around those issues impeding their healthy growth.

Charlie Collier is a brave pioneer in the world of family wealth planning. Collier takes an indirect, non-judgmental approach to helping families have break-through conversations. Collier's hope is that his approach will unlock answers- by helping his clients to look within their own hearts. Collier makes it clear that he has no 12-step program or silver bullet. He avoids the sophistry of so many consultants and gurus, who falsely claim they have the hidden key.

Collier doesn't hide from the truth that problems confronting every family are a complex and messy layered onion. And that it is only through raising poignant questions, listening, and resisting the urge to cast judgment or explain using neat theories that advisors can help bring about beneficial change for their clients.

Collier's main theory is that family issues, which stand in the way of financial decisions, are always far deeper than money. Barriers to change are the product of complex family dynamics that require time and ardent communication to unlock. Collier believes that as a development officer, wealth manager, advisor, or whatever, the only way to help a family work with what they are up against is to listen, be non-judgmental, and ask the right questions.